Amerix Precious Metals Corporation

Amerix Precious Metals Corporation

October 01, 2007 08:30 ET

Amerix Announces Signing Contracts With GEOSOL and Kluane to Resume Core Drilling at Ouro Roxo

TORONTO, ONTARIO--(Marketwire - Oct. 1, 2007) - Amerix Precious Metals Corporation ("Amerix")(TSX VENTURE:APM)(FRANKFURT:NJG) today announced the signing of two new drilling contracts - one with-Geologica e Sondagens Ltda. (GEOSOL), Belo Horizonte, Brazil, and the other with Kluane International Drilling, Inc. These new contracts allow for up to 5000 metres of core drilling over the next six months and are a continuation of the drilling program at the Ouro Roxo deposit on the Vila Porto Rico Property within the Tapajos District, Brazil. Drilling by GEOSOL commenced in early September and drilling by Kluane is scheduled to commence during the last week in September.

This phase of the Ouro Roxo drilling program is designed to quantify resources in the sparsely drilled intermediate zone between Ouro Roxo North and Ouro Roxo South, expanding upon the 69 drill-hole program that was completed previously at the Ouro Roxo Deposit. Eighteen of the 69 holes were drilled during the first quarter of 2007. Existing drill holes demonstrate the continuity of a gold-mineralized zone for more than three kilometres from the Ouro Roxo North zone to the Ouro Roxo South zone through a relatively unexplored middle zone. Recent geologic mapping on the northern end of Ouro Roxo North has discovered the continuation of the gold mineralized zone in outcrop and free gold was observed in a few exposures. Therefore, the drilling program will explore northward to determine the extent and nature of this area of high prospectivity. Drill cores will be continually assayed on 1-meter intervals. At the same time, the geology, structure, mineral content, and assay results will be compiled to complete a three-dimensional deposit model for the Ouro Roxo mineralized zone in order to better understand and define the deposit.

Management's Discussion and Analysis : Vila Porto Rico Property (VPR) is located in the Tapajos District, one of the largest gold-producing provinces in Brazil. Amerix owns 100% of the mining rights in respect of the 670 square kilometres comprising the VPR property. VPR contains extensive hydraulic mining areas, placer mining operations, and mine shafts, from which garimpeiros have produced an unconfirmed amount of gold (reported to be in excess of 2 million ounces) since 1958. Gold mineralization took place within the N-S trending Ouro Roxo fault zone, which is 1-2 kilometres wide, and has been traced along a strike length of more than 25 kilometres. Gold is present in a variety of structures, but the best gold values have been found within faults, shears, and brecciated zones that dip moderately to the east at 40 degrees to 50 degrees. The mineralized structures contain variable amounts of sulfides, and quartz-chalcopyrite-pyrite-gold veins, below the saprolite zone that extends to a depth of approximately 50 metres. The Ouro Roxo Project includes exploring a 3.5-kilometre-long segment of this structural zone. A total of 69 angle core holes have been drilled at Ouro Roxo; the results of assays for these holes have been previously reported.

QA/QC: GEOSOL is a well-established drilling company with offices in Belo Horizonte, Brazil and Kluane is a well-established drilling company with offices in Vancouver, Canada. The drilling operations will be undertaken by both companies under the direct guidance and supervision of Amerix geologists and management. Cores will be drilled at 50 degrees to 70 degrees angles at HQ or NQ diameter for up to 100 metres after which diameter NQ or BQ will be used to total depths that generally will be 150-200 metres. The new contracts allow for up to 5000 metres of core drilling over the next six months.

About Amerix Precious Metals Corporation

Amerix Precious Metals Corporation is an Ontario company exploring for precious metals in Brazil. Vila Porto Rico is the Corporation's main project, covering over 67,000 hectares. Vila Porto Rico has multi-million ounce gold potential, as it contains historic and active gold mines that anecdotal evidence suggests have produced more than 2 million ounces from placer and weathered bedrock (saprolite) mining operations. Amerix's objective is to create value for shareholders through expansion of bedrock gold resources, and development of placer and tailings gold resources. Brazil has enormous gold potential and is a proven mining-friendly country. Amerix staff has more than 50 years of combined experience in Brazil, and the Corporation has been active for more than 10 years. The Corporation's shares trade on the TSX Venture Exchange under the symbol "APM" and on the Frankfurt Stock Exchange under the symbol "NJG."

The technical and scientific information in this release has been reviewed by Lawrence W. Snee, President of Amerix, a Qualified Person as described in NI 43-101, a geologist with more than 30 years of experience. Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Amerix Precious Metals Corporation. It is uncertain if further exploration will result in the discovery of an economic mineral resource on any of the properties. Actual results may differ materially from those currently anticipated in such statements.

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Contact Information

  • Amerix Precious Metals Corporation
    Lawrence W. Snee
    (303) 668-7216
    CHF Investor Relations
    Jeanny So
    Broker Relations Specialist
    (416) 868-1079, Ext. 225
    Studer Consulting
    Marlies E. Studer
    +41 44 215 28 03